New York City Luxury Hits Major Rebound
South Florida Real Estate Market In "Super Boom"
According to Mansion Global, Manhattan's luxury real estate market recently had its best week in over 6 years, with 38 properties having price tags over $4M entering contract. Low interest rates, a solid stock market, and vaccine availability are credited as the driving forces.
Alongside the obvious weather benefits, the locale's open economy, fewer masking requirements, relatively low virus case counts, a vibrant remote working scene, stable politics, and no state income tax, has attracted many financial firms and technology companies to relocate to the area - spurring the market into a "super boom," as stated by Forbes.
Millennials Move Into The Luxury Market
Millennials have continually been the driving force behind the real estate market over the past few years, representing a majority of transactions. However, over the past few months, low interest rates have allowed Millennials to cash in on entry-level properties and spring into larger homes with prime locations, making a splash in the luxury real estate market, according to Forbes.